Chevron Boosts Spending on Shale Projects

Chevron raises its spending budget for the first time since 2014. (Bloomberg) — Chevron Corp. raised its spending budget for the first time since 2014 even as crude prices plummet, doubling down on U.S. shale. The world’s third-largest oil producer by market value will increase investments by 9.3 percent to $20 billion next year, according to a statement Thursday. The U.S. will account for 38 percent of the spend, the highest portion in at least a decade, as Chevron seeks to expand its foothold in the Permian Basin of West Texas and New Mexico. The Tengiz megaproject in Kazakhstan is also a key growth area for the company. Chevron is the first of the supermajors to detail its 2019 spending plans, which are being set during a period of considerable price volatility: Crude has lost about a third of its value in New York since early October. Meanwhile, Saudi […]